PYTRX vs. SSAFX

Last updated Aug 5, 2026

PYTRX (Putnam Fixed Income Absolute Return Fund) and SSAFX (State Street Aggregate Bond Index Portfolio) are both Intermediate Core Bond funds. Over the past 10 years, PYTRX returned 2.25%/yr vs 27.57%/yr for SSAFX. Their 0.33 correlation means their historical movements had little consistent relationship. PYTRX charges 0.46%/yr vs 0.02%/yr for SSAFX.

Performance

PYTRX vs. SSAFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Putnam Fixed Income Absolute Return Fund (PYTRX) and State Street Aggregate Bond Index Portfolio (SSAFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYTRX achieves a -0.68% return, which is significantly lower than SSAFX's -0.40% return. Over the past 10 years, PYTRX has underperformed SSAFX with an annualized return of 2.25%, while SSAFX has yielded a comparatively higher 27.57% annualized return.

PYTRX

• 1D: 0.25%
• 1M: -1.00%
• 6M: -0.79%
• YTD: -0.68%
• 1Y: 1.76%
• 3Y*: 4.10%
• 5Y*: 1.36%
• 10Y*: 2.25%
• ALL TIME*: 2.04%

SSAFX

• 1D: 0.22%
• 1M: -0.92%
• 6M: -0.50%
• YTD: -0.40%
• 1Y: 1.97%
• 3Y*: 3.91%
• 5Y*: -0.53%
• 10Y*: 27.57%
• ALL TIME*: 23.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PYTRX Putnam Fixed Income Absolute Return Fund	$0.00	$0.00	$0.00
SSAFX State Street Aggregate Bond Index Portfolio	$0.00	$0.00	$0.00

PYTRX vs. SSAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PYTRX Putnam Fixed Income Absolute Return Fund	-0.68%	6.98%	1.81%	4.35%	-2.17%	-4.78%	0.83%	8.90%	-0.01%	5.53%
SSAFX State Street Aggregate Bond Index Portfolio	-0.40%	6.81%	1.34%	5.61%	-13.30%	-1.72%	978.57%	8.69%	-0.12%	3.38%

Correlation

The correlation between PYTRX and SSAFX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.47
Correlation (All Time) Calculated using the full available price history since Sep 22, 2014	0.33

Over the past year, PYTRX and SSAFX have become more correlated (0.96) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

PYTRX vs. SSAFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PYTRX

PYTRX Risk / Return Rank: 10
PYTRX Sharpe Ratio Rank: 11
PYTRX Sortino Ratio Rank: 10
PYTRX Omega Ratio Rank: 10
PYTRX Calmar Ratio Rank: 11
PYTRX Martin Ratio Rank: 10

SSAFX

SSAFX Risk / Return Rank: 13
SSAFX Sharpe Ratio Rank: 13
SSAFX Sortino Ratio Rank: 12
SSAFX Omega Ratio Rank: 12
SSAFX Calmar Ratio Rank: 14
SSAFX Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PYTRX vs. SSAFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Putnam Fixed Income Absolute Return Fund (PYTRX) and State Street Aggregate Bond Index Portfolio (SSAFX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PYTRX	SSAFX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	0.58	-0.07
Sortino ratio: Return per unit of downside risk	0.73	0.85	-0.12
Omega ratio: Gain probability vs. loss probability	1.09	1.10	-0.01
Calmar ratio: Return relative to maximum drawdown	0.61	0.76	-0.16
Martin ratio: Return relative to average drawdown	1.44	1.89	-0.45

PYTRX vs. SSAFX - Sharpe Ratio Comparison

The current PYTRX Sharpe Ratio is 0.51, which is comparable to the SSAFX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of PYTRX and SSAFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PYTRX vs. SSAFX - Drawdown Comparison

The maximum PYTRX drawdown since its inception was -12.75%, smaller than the maximum SSAFX drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for PYTRX and SSAFX.

Drawdown Indicators

	PYTRX	SSAFX	Difference
Max Drawdown Largest peak-to-trough decline	-12.75%	-18.74%	+5.99%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-2.74%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-5.03%	-4.97%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	-9.75%	-17.99%	+8.24%
Max Drawdown (10Y) Largest decline over 10 years	-12.75%	-18.74%	+5.99%
Current Drawdown Current decline from peak	-2.56%	-3.41%	+0.85%
Average Drawdown Average peak-to-trough decline	-2.45%	-4.39%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.10%	+0.21%

Volatility

PYTRX vs. SSAFX - Volatility Comparison

Putnam Fixed Income Absolute Return Fund (PYTRX) and State Street Aggregate Bond Index Portfolio (SSAFX) have volatilities of 1.02% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYTRX	SSAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	1.02%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.98%	2.89%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	3.60%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	5.95%	-1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.02%	277.57%	-273.55%

PYTRX vs. SSAFX - Expense Ratio Comparison

PYTRX has a 0.46% expense ratio, which is higher than SSAFX's 0.02% expense ratio.

Dividends

PYTRX vs. SSAFX - Dividend Comparison

PYTRX's dividend yield for the trailing twelve months is around 4.05%, less than SSAFX's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PYTRX Putnam Fixed Income Absolute Return Fund	4.05%	4.02%	4.31%	4.43%	4.38%	3.67%	3.44%	4.02%	2.49%	4.76%	3.40%	4.96%
SSAFX State Street Aggregate Bond Index Portfolio	4.24%	3.70%	3.76%	3.16%	2.49%	1.90%	2.41%	2.88%	2.82%	2.42%	2.21%	3.21%

Frequently Asked Questions

Can I hold both PYTRX and SSAFX in my portfolio?

With a correlation of 0.96, PYTRX and SSAFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PYTRX or SSAFX?

SSAFX has higher volatility (1.02%) compared to PYTRX (1.02%). In terms of maximum drawdown, PYTRX dropped -12.75% vs SSAFX's -18.74%.

Which has better risk-adjusted returns?

SSAFX currently has the higher Sharpe Ratio (0.58 vs 0.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.